Concept explainers
Chart of accounts
Innerscape Interiors is owned and operated by Jackie Vargo, an interior decorator. In the ledger of Innerscape Interiors, the first digit of the account number indicates its major account classification (1—assets, 2—liabilities, 3—stockholders’ equity, 4—revenues, 5—expenses). The second digit of the account number indicates the specific account within each of the preceding major account classifications.
Match each account number with its most likely account in the list that follows. The account numbers are 11, 12, 13 21, 31, 32, 33, 41, 51, 52, and 53.
Accounts Payable
Accounts Receivable
Cash
Common Stock
Dividends
Fees Earned
Land
Miscellaneous Expense
Retained Earnings
Supplies Expense
Wages Expense
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